Pensioners Losing on Bank Charges

[The Pom Queen 5,788]

Expat pensioners using bank-to-bank transfer facilities could be losing out on their retirement income due to the higher fees charged for such services, suggests new data from the UK's Post Office.

 

Of the 1,038,600 pensioners living abroad the majority are transferring their sterling pensions into local currency deposited into an overseas bank account. But the Post Office warns that making regular bank-to-bank transfers to move a pension exposes expat pensioners to repeated bank charges which are significantly eating into retirement income. Some banks are charging as much as £42.50 per transaction, warns the Post Office, which calculates that such quarterly transfers will incur charges of £170 over a year - that's the equivalent of almost a fortnight’s worth of the current State Pension allowance.

 

The Post Office advises pensioners to shop around to make sure they’re not wasting money on bank transfer fees by always checking the small print for any transfer service they use. It points out that it's own International Payments service doesn’t charge a fee at all, and also offers a regular payment facility so customers don’t have to make repeat transactions. The service also allows customers to fix their exchange rate for up to a year to avoid being caught out by fluctuating rates.

 

Sarah Munro, Head of Money Transfers at the Post Office, says, “It’s a real shame that at a time when they should be enjoying life, so many pensioners may be having their income eaten up by high bank charges, when sending cash overseas.

[Guest The Ropey HOFF]

The way that uk overseas pensioners are treated is a national disgrace full stop. How is it right that you graft all your life paying your taxes and then you want to retire somewhere warmer and the government freezes the poor pensioners pensions, it makes my blood boil does this, we can waste tens of billions of pounds all over the place and yet we can't look after our old folk, i feel ashamed.

[Guest guest37336]

No matter what the banks say about be a 'Customer Focused' industry, NOTHING could be further from the truth, they are there to make a profit is all, and I agree as a 'business' they have to and should do BUT.

 

Whilst the banks over recent years have tried to come over all cuddly and cosy by 'giving' no matter what they say they will always find a way of maintaining their profit margin, no matter who they target, which by the way is normally those that are very susceptible or have a 'small' voice.

 

If banks were made to be completely transparent they are no better than 'wide' boys who will fleece the innocent.

 

I never knew that sitting at a keyboard to transfer money (YOUR MONEY) could cost as much as the OP states, makes my blood boil.

 

Cheers Tony:wink:.

[Guest POPPYANDLESTER]

My wife and i are in oz on a 804 bridging visa, both of us receive private and uk government pensions.do we pay any australian taxes.